Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on 4 February 2015, Government has approved 11 proposals of Foreign Direct Investment amounting to INR 1075.91 crore approximately; out of which two projects are from the power and renewable energy sectors.
Solar Arise India Projects Pvt. Ltd. has sought approval for receiving FDI from overseas investors and investing downstream in various Special Purpose Vehicles (SPV) in solar power projects. The government has approved proposed FDI of Rs 216.01 Crs.
For another project that got FDI approval, BLP Wind Assets Holding Pvt. Ltd. has sought approval for setting up a joint venture firm for making downstream investments in the renewable energy sector. The government has approved proposed FDI of Rs 371 Crs.
The Foreign Investment Promotion Board (FIPB) is a government body that offers a single window clearance for proposals on Foreign Direct Investment (FDI) in India that are not allowed access through the automatic route.
The Minister of Finance, considers the recommendations of the FIPB on proposals for foreign investment up to Rs 1200 Crs. Proposals involving foreign investment of more than INR 1200 crore require the approval of the Cabinet Committee on Economic Affairs (CCEA).
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